Singapore onshore fuel oil storage volumes bounced back above 21 million barrels and remained above average for a sixth straight week, official data showed on Thursday. Residue inventories were at 21.11 million barrels (3.32 million tons) in the week to Jan. 22, up 1.7% week-on-week and holding above typical averages of 19.7 million barrels a week, Enterprise Singapore data showed. Inventories have been holding high at the Asia storage hub since late December, though the market continued to eye supply-side risks on Russian oil movements following recent sanctions.

Total fuel oil imports into onshore storage dipped week-on-week to about 867,000 tons in the week to Jan. 22, with most of these imports coming from Brazil, Saudi Arabia and Russia. Meanwhile, total fuel oil exports fell from the previous week to about 398,000 tons, with majority of the outflows heading to China. Singapore cash differentials for high-sulphur and low-sulphur fuel oil have more than doubled compared with early January, though the recovery has stalled this week amid mixed drivers.
Source: Reuters (Reporting by Jeslyn Lerh; Editing by Subhranshu Sahu)